SorcererMickey
April 18th, 2006, 19:39
Ex-Disney chief Eisner backs Internet video company
NEW YORK (Reuters) - Former Walt Disney Co. (***.N: Quote, Profile, Research) chief Michael Eisner and media conglomerate Time Warner Inc. have invested in an Internet video technology start-up, the parties said on Tuesday.
Eisner's investment firm The Tornante Co. will co-invest $12.5 million in Veoh Networks Inc. with Time Warner Inc., (TWX.N: Quote, Profile, Research) and Spark Capital in the series B round of financing.
Eisner will also join Veoh's board of directors.
Veoh's technology uses the Internet to "expand broadcast capacity to the point that every single user, whether an individual or a media company, can create their own 'channel' and every 'channel' can be supported by its own business model," Eisner said in a statement.
Eisner achieved early success during his 21-year tenure at the animation and theme parks company, but after a shareholder revolt and executive turmoil, he left the company last year.
He was succeeded as chief executive officer by his protege Robert Iger.
Walt Disney Co. also owns the ABC television network.
Source: http://today.reuters.com/news/articlenews.aspx?type=technologyNews&storyid=2006-04-18T142546Z_01_N18346273_RTRUKOC_0_US-MEDIA-EISNER.xml
NEW YORK (Reuters) - Former Walt Disney Co. (***.N: Quote, Profile, Research) chief Michael Eisner and media conglomerate Time Warner Inc. have invested in an Internet video technology start-up, the parties said on Tuesday.
Eisner's investment firm The Tornante Co. will co-invest $12.5 million in Veoh Networks Inc. with Time Warner Inc., (TWX.N: Quote, Profile, Research) and Spark Capital in the series B round of financing.
Eisner will also join Veoh's board of directors.
Veoh's technology uses the Internet to "expand broadcast capacity to the point that every single user, whether an individual or a media company, can create their own 'channel' and every 'channel' can be supported by its own business model," Eisner said in a statement.
Eisner achieved early success during his 21-year tenure at the animation and theme parks company, but after a shareholder revolt and executive turmoil, he left the company last year.
He was succeeded as chief executive officer by his protege Robert Iger.
Walt Disney Co. also owns the ABC television network.
Source: http://today.reuters.com/news/articlenews.aspx?type=technologyNews&storyid=2006-04-18T142546Z_01_N18346273_RTRUKOC_0_US-MEDIA-EISNER.xml